IGNOU MMPH 007 Solved Assignment 2023-24


MMPH 007 Solved Assignment 2023-24

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Course Code: MMPH 007

Assignment Code: MMPH 007 ASST/TMA/2023-24

Marks: 100

NOTE: All questions are compulsory

Note: Attempt all the questions and submit this assignment to the Coordinator of yourstudy centre. Last date of submission for July 2023 session is 31st October, 2023 and for January 2024 session is 30th April 2024.

Q1. Give a comprehensive view of compensation policy. Explain the micro and macro linkages of compensation policy.

A compensation policy is a structured framework established by an organization to remunerate its employees for their contributions. It encompasses various elements such as base salary, bonuses, benefits, and other perks. The primary objectives are to attract, retain, and motivate a skilled workforce while aligning with organizational goals and remaining competitive in the job market.

Components of Compensation Policy:

Base Salary: The fixed amount paid regularly as the foundation of an employee's compensation.

Variable Pay: Performance-driven components like bonuses and incentives.

Benefits: Non-monetary offerings, such as health insurance, retirement plans, and vacation days.

Recognition and Rewards: Acknowledging outstanding performance through awards or recognition programs.

Market Competitiveness: Ensuring compensation is competitive in the job market.

Equity and Fairness: Establishing fair pay structures and addressing internal equity.

Objectives of Compensation Policy:

Attract and Retain Talent: Offering competitive compensation to attract and keep skilled individuals.

Motivate Performance: Linking pay to performance to encourage excellence.

Internal Equity: Ensuring fairness in pay structures within the organization.

External Competitiveness: Benchmarking compensation against industry standards.

Cost Control: Managing labor costs while remaining competitive.

Micro Linkages of Compensation Policy:

Performance Management: Tying compensation to individual performance evaluations.

Career Development: Linking compensation to career progression.

Employee Engagement: Contributing to satisfaction, engagement, and commitment.

Retention: Using compensation to retain talented employees.

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Macro Linkages of Compensation Policy:

Organizational Strategy: Aligning compensation with overall organizational strategy and goals.

Market Trends: Regularly adjusting compensation policies to align with market trends.

Labor Market Conditions: Adapting compensation to changes in the labor market.

Legal and Regulatory Compliance: Ensuring compliance with labor laws and regulations.

Corporate Culture: Reflecting and reinforcing the organization's values and culture.

In summary, a compensation policy is a multifaceted strategy designed to address both individual and organizational needs. The micro linkages focus on individual employee performance and behavior, while the macro linkages consider broader organizational goals and external factors. Striking a balance between these micro and macro aspects is essential for a compensation policy to effectively contribute to the success of the organization.

Q2. Explain various approaches in designing compensation. Chalk out various alternative system of compensation.

Q3. Discuss the issues involved in compensation. Explain the ethical aspects of wage determinations.

Q4. Identify the contents of "wage" under various Acts. Discuss the difficulties for not having a uniform definition of wages.

Q5. Describe the concepts of allowances and fringe benefits citing examples.

MMPH 007 Handwritten Assignment 2023-24

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Important Note - You may be aware that you need to submit your assignments before you can appear for the Term End Exams. Please remember to keep a copy of your completed assignment, just in case the one you submitted is lost in transit.

Submission Date :

31st March 2023 (if enrolled in the July 2023-24 Session)

30th Sept, 2023 (if enrolled in the January 2023-24 session).

IGNOU Instructions for the MMPH 007 Assignments

MMPH 007 Compensation and Rewards Management Assignment 2023-24 Before ate mpting the assignment, please read the following instructions carefully.

1. Read the detailed instructions about the assignment given in the Handbook and Programme Guide.

3. Write the course title, assignment number and the name of the study centre you are attached to in the centre of the first page of your response sheet(s).

4. Use only foolscap size paper for your response and tag all the pages carefully

5. Write the relevant question number with each answer.

6. You should write in your own handwriting.

GUIDELINES FOR IGNOU Assignment MMPH 007023-24

MMPH 007 Solved Assignment 2023-24 You will find it useful to keep the following points in mind:

1. Planning: Read the questions carefully. Go through the units on which they are based. Make some points regarding each question and then rearrange these in a STATISTICS IN PSYCHOLOGYal order. And please write the answers in your own words. Do not reproduce passages from the units.

2. Organisation: Be a little more selective and analytic before drawing up a rough outline of your answer. In an essay-type question, give adequate attention to your introduction and conclusion. The introduction must offer your brief interpretation of the question and how you propose to develop it. The conclusion must summarise your response to the question. In the course of your answer, you may like to make references to other texts or critics as this will add some depth to your analysis.

3. Presentation: Once you are satisfied with your answers, you can write down the final version for submission, writing each answer neatly and underlining the points you wish to emphasize.

IGNOU Assignment Front Page

The top of the first page of your response sheet should look like this: Get IGNOU Assignment Front page through. And Attach on front page of your assignment. Students need to compulsory attach the front page in at the beginning of their handwritten assignment.

ENROLMENT NO: …………………………

NAME: ………………………………………

ADDRESS: …………………………………

COURSE TITLE: …………………………

ASSIGNMENT NO: ………………………

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DATE: ………………………………………

MMPH 007 Handwritten Assignment 2023-24

MMPH 007 Solved Assignment 2023-24: We provide handwritten PDF and Hardcopy to our IGNOU and other university students. There are several types of handwritten assignment we provide all Over India. We are genuinely work in this field for so many time. You can get your assignment done - 8130208920

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